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      name:  <unnamed>
       log:  /data/Dropbox/shared/Enns and Wlezien Response/replication/vk_log.log
  log type:  text
 opened on:   8 Feb 2021, 12:06:57

. 
. use "vk_data.dta", clear

. 
. eststo m1: prais d.top1_cg l.top1_cg l.cdpercen l.divided l.union l.topmarg l.capgtax d.unemp l.unemp d.openness l.ln_rgdp05 d.real_sp l.real_sp l.shiller_hpi if year>194
> 8

Iteration 0:  rho = 0.0000
Iteration 1:  rho = -0.2289
Iteration 2:  rho = -0.4014
Iteration 3:  rho = -0.4770
Iteration 4:  rho = -0.4983
Iteration 5:  rho = -0.5032
Iteration 6:  rho = -0.5043
Iteration 7:  rho = -0.5045
Iteration 8:  rho = -0.5045
Iteration 9:  rho = -0.5046
Iteration 10:  rho = -0.5046
Iteration 11:  rho = -0.5046

Prais-Winsten AR(1) regression -- iterated estimates

      Source |       SS           df       MS      Number of obs   =        60
-------------+----------------------------------   F(13, 46)       =     15.16
       Model |  76.7487942        13   5.9037534   Prob > F        =    0.0000
    Residual |  17.9136055        46  .389426207   R-squared       =    0.8108
-------------+----------------------------------   Adj R-squared   =    0.7573
       Total |  94.6623997        59  1.60444745   Root MSE        =    .62404

------------------------------------------------------------------------------
   D.top1_cg |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
     top1_cg |
         L1. |   -.758995   .1229971    -6.17   0.000    -1.006575   -.5114147
             |
    cdpercen |
         L1. |  -.0500382   .0162466    -3.08   0.003    -.0827409   -.0173355
             |
     divided |
         L1. |  -.3080213   .1771377    -1.74   0.089     -.664581    .0485383
             |
       union |
         L1. |  -.3616772   .0824531    -4.39   0.000    -.5276466   -.1957077
             |
     topmarg |
         L1. |  -.0273332   .0109809    -2.49   0.016    -.0494367   -.0052297
             |
     capgtax |
         L1. |  -.0720482   .0175946    -4.09   0.000    -.1074642   -.0366322
             |
       unemp |
         D1. |  -.0702644   .1207439    -0.58   0.563    -.3133093    .1727806
         L1. |  -.1400817   .1176982    -1.19   0.240    -.3769958    .0968325
             |
    openness |
         D1. |   .1509324   .1039644     1.45   0.153    -.0583371    .3602019
             |
   ln_rgdp05 |
         L1. |  -5.930253   1.315178    -4.51   0.000    -8.577569   -3.282937
             |
     real_sp |
         D1. |   .0635404   .0075538     8.41   0.000     .0483354    .0787455
         L1. |   .0352492   .0070508     5.00   0.000     .0210567    .0494417
             |
 shiller_hpi |
         L1. |   .3500614   .0819994     4.27   0.000     .1850053    .5151176
             |
       _cons |   69.55693   14.05662     4.95   0.000     41.26241    97.85144
-------------+----------------------------------------------------------------
         rho |  -.5045597
------------------------------------------------------------------------------
Durbin-Watson statistic (original)    2.384550
Durbin-Watson statistic (transformed) 2.169088

. 
. esttab m1 using vk_tab.tex, replace se nogap nonotes r2 /// 
>         title(Alternative specification for Volscho and Kelly (2012)) ///
>         mtitles("$\Delta$ Top 1\%\textsubscript{t}") ///
>         coeflabels(L.top1_cg "Top 1\%\textsubscript{t-1}" ///
>                 L.cdpercen "\% Cong Dems\textsubscript{t-1}" ///
>                 L.divided "\% Divided Govt\textsubscript{t-1}" ///
>                 L.union "\% Union Membership\textsubscript{t-1}" ///
>                 L.topmarg "\% Top Marginal Tax\textsubscript{t-1}" ///
>                 L.capgtax "Capital Gains Tax Rate\textsubscript{t-1}" ///
>                 D.unemp "$\Delta$ Unemplyment\textsubscript{t}" ///
>                 L.unemp "Unemplyment\textsubscript{t-1}" ///
>                 D.openness "Trade Openness\textsubscript{t}" ///
>                 L.ln_rgdp05 "Log RGDP\textsubscript{t-1}" ///
>                 D.real_sp "$\Delta$ Real S\&P 500 Index\textsubscript{t}" ///
>                 L.real_sp "Real S\&P 500 Index\textsubscript{t-1}" ///
>                 L.shiller_hpi "Shiller HPI\textsubscript{t-1}" ///
>                 _cons "Constant")
(output written to vk_tab.tex)

. 
. log close
      name:  <unnamed>
       log:  /data/Dropbox/shared/Enns and Wlezien Response/replication/vk_log.log
  log type:  text
 closed on:   8 Feb 2021, 12:06:58
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